Fannie Mae and Freddie Mac may have lost billions of dollars as a result of banks' allegedly manipulating a benchmark that determines the price at which banks lend to one another.

The inspector general of the Federal Housing Finance Agency has concluded the companies lost more than $3 billion over a roughly two-year period starting in September 2008 on holdings of more than $1 trillion of securities and other assets tied to the London interbank offered rate, The Wall Street Journal reported Wednesday.

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